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Freedom Bank Foundation Inc

EIN 13-4330939 · Mclean, VA

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthStrong100 out of 100GovernanceNot ratedThe short tax form does not cover thisImpact evidenceDescribes programsHow well its results are evidenced

What it says it does

THE FREEDOM BANK FOUNDATION'S MISSION IS TO SUPPORT AND FOSTER RELATIONSHIPS WITH NON-PROFIT ORGANIZATIONS THAT PROMOTE FINANCIAL INCLUSION AND MAKE THE COMMUNITIES FREEDOM BANK SERVES MORE VIBRANT AND MORE EQUITABLE.THE FOUNDATION ENGAGES WITH THE LATINO ECONOMIC DEVELOPMENT CENTER (LEDC) TO ADMINISTER THE FREEDOM FUND, WHICH PROVIDES FINANCING AND TECHNICAL ASSISTANCE TO UNDERREPRESENTED ENTREPRENEURS ACROSS THE DC REGION. TO DATE, THE FOUNDATION HAS CONTRIBUTED OVER $350,000 TO THE FREEDOM FUND AND SUPPORTED NUMEROUS INDIVIDUALS AND COMPANIES. MORE RECENTLY, THE FOUNDATION LAUNCHED A NEW INITIATIVE: THE FREEDOM DOWN PAYMENT ASSISTANCE (DPA) PROGRAM ADMINISTERED BY LEDC TO HELP INDIVIDUALS AND FAMILIES WHO CAN AFFORD MONTHLY MORTGAGE PAYMENTS BUT STRUGGLE TO SAVE FOR A DOWN PAYMENT OR CLOSING COSTS FINALLY BE ABLE TO PURCHASE A HOME. IT IS AN EXCITING EXPANSION OF THE FREEDOM FUND'S IMPACT, EXPANDING BEYOND BUSINESS GROWTH TO HELP PEOPLE ACHIEVE HOMEOWNERSHIP, THE CORNERSTONE

Income
$100,324
Spending
$68,414
Reserves
20.3 months of spending
Largest source of income
other income, 100%

Source: Form 990EZ for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Strong: 100 out of 100. Higher than 86% of charities in its peer group (public benefit, under $250k).

  • Reserves

    35 of 35

    Spendable reserves would cover 20.3 months of spending.

  • Debt

    20 of 20

    It owes 12% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 32% of income.

Source: Form 990EZ for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

This organization files the short tax form, which does not ask about boards, policies or audits. That is normal for a small charity and is not a mark against it.

Source: Form 990EZ for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (1)
  1. $17,367 spent. THE FREEDOM BANK FOUNDATION'S MISSION IS TO SUPPORT AND FOSTER RELATIONSHIPS WITH NON-PROFIT ORGANIZATIONS THAT PROMOTE FINANCIAL INCLUSION AND MAKE THE COMMUNITIES FREEDOM BANK SERVES MORE VIBRANT AND MORE EQUITABLE.THE FOUNDATION ENGAGES WITH THE LATINO ECONOMIC DEVELOPMENT CENTER (LEDC) TO ADMINISTER THE FREEDOM FUND, WHICH PROVIDES FINANCING AND TECHNICAL ASSISTANCE TO UNDERREPRESENTED ENTREPRENEURS ACROSS THE DC REGION. TO DATE, THE FOUNDATION HAS CONTRIBUTED OVER $350,000 TO THE FREEDOM FUND AND SUPPORTED NUMEROUS INDIVIDUALS AND COMPANIES. MORE RECENTLY, THE FOUNDATION LAUNCHED A NEW INITIATIVE: THE FREEDOM DOWN PAYMENT ASSISTANCE (DPA) PROGRAM ADMINISTERED BY LEDC TO HELP INDIVIDUALS AND FAMILIES WHO CAN AFFORD MONTHLY MORTGAGE PAYMENTS BUT STRUGGLE TO SAVE FOR A DOWN PAYMENT OR CLOSING COSTS FINALLY BE ABLE TO PURCHASE A HOME. IT IS AN EXCITING EXPANSION OF THE FREEDOM FUND'S IMPACT, EXPANDING BEYOND BUSINESS GROWTH TO HELP PEOPLE ACHIEVE HOMEOWNERSHIP, THE CORNERSTONE OF FINANCIAL STABILITY. THE FREEDOM BANK FOUNDATION RECEIVES DONATIONS FROM THE BANK AND ITS EMPLOYEES, AS WELL AS COORDINATES ITS ANNUAL EMPOWERING DREAMS GALA TO LEVERAGE THE PLATFORM TO PROMOTE ECONOMIC INCLUSION AND HOMEOWNERSHIP IN THE LOCAL COMMUNITY. FREEDOM BANK, THROUGH THE FOUNDATION AND IN LINE WITH THE BANK'S COMMITMENT TO DIVERSITY AND INCLUSION INITIATIVES, IS MAKING AN EFFORT TO LEVEL THE PLAYING FIELD TO ACHIEVE GREATER EQUALITY.

Source: Form 990EZ for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  2. Has the IRS revoked its tax-exempt status? Worth knowing.

    Status was revoked on May 15, 2020 for not filing returns for three years. The IRS now lists it as tax-exempt again.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated November 6, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2025.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since November 2021.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated November 4, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.